Since Indiana legalized sports betting in September 2019, the state has seen a massive shift in how Hoosiers place their bets. While former Governor Eric Holcomb promised that legalization would spur economic growth, create jobs, and benefit Indiana-based casinos, the reality playing out in the numbers tells a different story. Online sports betting outlets like DraftKings, FanDuel, and BetMGM have outpaced traditional retail casinos in revenue month after month, raising important questions about who truly benefits from this new gambling landscape. This project analyzes those numbers and examines the opaque ecosystem of online operators profiting off Indiana’s laws.

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“By modernizing our laws, this legislation will spur positive economic growth for our state and for an industry that employs over 11,000 Hoosiers,” Governor Holcomb said in 2019. Unfortunately, a look at the data suggests most of that growth may be happening outside state lines. Sports betting isn’t new, but the way it’s done in Indiana is evolving rapidly. As legislative discussions around gambling regulation resurface and other states look to emulate Indiana’s sports betting infrastructure, now is the time to scrutinize the foundations of Indiana’s model. With 2025 state budget conversations approaching, it’s timely to ask whether this system is truly serving Indiana’s economic and civic goals.

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Who Cares?: This story matters to every Indiana taxpayer, policymaker, and sports bettor. Tax revenues and consumer protections hinge on how this system is managed. If out-of-state corporations are capturing the majority of revenue while Indiana sees limited reinvestment, that has major implications for economic justice and public policy. For local journalism and civic accountability, the risk is clear: without scrutiny, Indiana’s model may become a precedent for unchecked corporate gain in the sports betting industry.

Failing to report on this story allows the state’s sports betting system to continue unchecked, potentially replicating a flawed structure in other emerging markets. It prevents voters and lawmakers from making informed decisions on future legislation, and continues to hide the link between power and profit from the public.

Target Audience: This story targets Indiana residents, especially sports bettors, legislators, regulators, and a broader national audience following gambling trends, digital markets, and regulatory policy.

Data Analysis Process:

This project began with downloading and cleaning hundreds of rows of monthly revenue data from the Indiana Gaming Commission’s public reports, a process made unnecessarily difficult by inconsistent formatting and file types. After creating a functional dataset using Google Sheets and RStudio, I produced visualizations to compare the performance of retail versus online sports betting operations. I also investigated the companies behind Indiana’s top platforms, uncovering how out-of-state brands partner with in-state casinos to gain legal access while keeping the bulk of profits.

FanDuel, an Irish-American multinational sports betting and gambling company. (owned by Flutter Entertainment, based in Dublin) is partnered with Belterra Casino. DraftKings (publicly traded in the U.S.) works with Ameristar Casino in East Chicago. BetMGM is backed by MGM Resorts and UK-based Entain, partnered with Belterra.

Next Steps: Continue analyzing revenue data through YTD 2025.

Compare tax revenue collected by the state to profits collected by online operators.

Dig into the ethics investigation surrounding Spectacle Entertainment and former Governor Holcomb’s connections to casino-linked firms.

Interview economic analysts and casino workers to evaluate whether job creation and local impact promises have held up.

Conclusion: As Indiana becomes a model for sports betting expansion, it’s critical to scrutinize the structure and outcomes of its legislation. Are we watching the democratization of gambling access, or the quiet consolidation of profit by digital middlemen? This story doesn’t just follow the money, it asks who’s winning, and at what cost.

Load software libraries

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Part 2:

Hello Mr. Herzong & Wells,

I’ve embedded an interactive Flourish chart comparing monthly revenue growth between retail and online sports betting in Indiana since legalization. What stands out immediately is how aggressively online betting has surged past retail, the gap widens dramatically starting in 2020, reinforcing the market dominance of digital platforms over time. You can visually trace how retail receipts plateau while online gross receipts skyrocket, especially after the COVID-era acceleration.

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That said, to make room for more historical context and potentially expand the dataset going back further, I may revise the chart to display quarterly totals instead of monthly. It’ll reduce visual clutter while still preserving the broader trend narrative. I’m also developing a second chart that’ll break down which online sportsbooks have performed best over time. This brand-level data should help us illustrate not just the dominance of the digital sector, but which companies are winning the market share battle month-over-month. I think that insight will pair nicely with the current visual and strengthen our overall argument. This won’t take long for me to develop.

Beyond the charts, I plan to do more digging into Indiana’s political landscape around gambling. What caught my attention is that many of the state’s “brick-and-mortar” casinos appear to have formal partnerships with online sportsbooks, something that doesn’t seem to be common nationwide. I need to confirm this through further research, but it could speak to a unique regulatory framework or business strategy that’s worth highlighting in the piece.

 ```{=html}  
  Made with Flourish  
 ```

Part 2:

Hello Mr. Herzong & Wells,

I’ve embedded an interactive Flourish chart comparing monthly revenue growth between retail and online sports betting in Indiana since legalization. What stands out immediately is how aggressively online betting has surged past retail, the gap widens dramatically starting in 2020, reinforcing the market dominance of digital platforms over time. You can visually trace how retail receipts plateau while online gross receipts skyrocket, especially after the COVID-era acceleration.

That said, to make room for more historical context and potentially expand the dataset going back further, I may revise the chart to display quarterly totals instead of monthly. It’ll reduce visual clutter while still preserving the broader trend narrative. I’m also developing a second chart that’ll break down which online sportsbooks have performed best over time. This brand-level data should help us illustrate not just the dominance of the digital sector, but which companies are winning the market share battle month-over-month. I think that insight will pair nicely with the current visual and strengthen our overall argument. This won’t take long for me to develop.

Beyond the charts, I plan to do more digging into Indiana’s political landscape around gambling. What caught my attention is that many of the state’s “brick-and-mortar” casinos appear to have formal partnerships with online sportsbooks, something that doesn’t seem to be common nationwide. I need to confirm this through further research, but it could speak to a unique regulatory framework or business strategy that’s worth highlighting in the piece.

Draft Pitch:

Ethan Hylton 301-219-4246 / 6/2/2025

Hello Mr. Herzong & Wells,

I’d like to pitch a story that looks beyond the betting slips to explore how online sports betting has rapidly overtaken Indiana’s gambling market, and who’s profiting behind the scenes.

Since mobile sports betting launched in Indiana in October 2019, the industry has exploded. While retail sportsbooks exist, they’ve been steadily eclipsed by online platforms, which now account for the vast majority of sports wagers in the state. The public-facing apps like FanDuel, DraftKings, BetMGM, and others are just one layer. What’s less understood is the network of companies, partnerships, and in-state casinos enabling this surge.

library(tidyverse)

Each mobile sportsbook in Indiana must partner with a local brick-and-mortar casino. That’s opened the door for a mix of major national brands and global players to take hold of the market: #rsw comment: great to figure out this unusual competitive partnership. is that the case in other states? good progress to nail down these business partnerships

How Google search interest in sports betting has sustained high levels since 2019. The little-known partnerships between global corporations and local Indiana casinos

Whether Indiana is becoming a model, or cautionary tale for other states following suit

I believe there’s real value in tracing both the cultural shift and the business web that powers Indiana’s mobile betting boom.

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2024